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Sep 30, 2022
One Liberty Properties Q3 2022 Earnings Report
Announced operating results for the quarter ended September 30, 2022.
Key Takeaways
One Liberty Properties reported rental income growth year-over-year, with rental income at $21.5 million compared to $20.3 million in the third quarter of 2021. Net income attributable to One Liberty was $7.2 million, or $0.34 per diluted share, compared to $6.1 million, or $0.28 per diluted share, in the third quarter of 2021.
Rental income was $21.5 million in the third quarter of 2022, compared to $20.3 million in the third quarter of 2021.
Net income attributable to One Liberty in the third quarter of 2022 was $7.2 million, or $0.34 per diluted share, compared to $6.1 million, or $0.28 per diluted share, in the third quarter of 2021.
Funds from Operations, or FFO, was $9.2 million, or $0.44 per diluted share, for the third quarter of 2022, compared to $9.8 million, or $0.47 per diluted share, in the third quarter of 2021.
Adjusted Funds from Operations, or AFFO, was $10.1 million, or $0.48 per diluted share, for each of the quarters ended September 30, 2022 and 2021.
Forward Guidance
The company will continue to remain disciplined in acquiring additional properties and believes it is prudent to ensure they are positioned to effectively navigate the evolving landscape.
Positive Outlook
- Extended Shutterfly’s lease through 2033, effective as of July 1, 2023, for an annual base rent of $2.0 million (an approximate 67% increase in base rent over the base rent payable in June 2023) with annual increases of not less than 3%.
- One Liberty will provide up to $1.0 million of tenant improvements for Shutterfly.
- Extended, effective as of November 1, 2023, Power Distributor’s lease for seven years and provides for an annual base rent of $864,000 (an increase of 10% from the base rent in effect in October 2022) with 3% annual increases thereafter.
Challenges Ahead
- Cineworld Group plc, the parent of Regal Cinemas, declared bankruptcy.
- Regal Cinemas is a tenant at three properties, including a property owned by an unconsolidated joint venture.
- Regal Cinemas and OLP are discussing significant modifications to the terms of these leases.
- It is anticipated that the amounts OLP will collect in the future from these properties will be significantly reduced from the current contracted amount.
Historical Earnings Impact
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